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Skierniewice - apartment complex value


on6mt  
25 Dec 2007 /  #1
Hi everyone, for those who have experience I was hoping to get an opinion on the value of a property we have in Skierniewice, Poland (Town of 50,000 aprox 60 km from warsaw halfway to ludz)

The property: 20m x 70m with the main building facing the central square of the town.

Main building has 3 floors:
ground floor - 2x 50sq.m Shop's facing the square
2nd floor - 2x 50sq. m apartments
3rd floor - 1 100sq.m apartment

Second building (1 storey addition behind main building)
3x 30sq. m apartments

If anyone has an appraised value, or a recommendation for where to get an appraisel that would be appreciated. It will likely be up for sale shortly.

thank you
BubbaWoo 33 | 3504  
25 Dec 2007 /  #2
try your local bank our bauhaus but the general rule of thumb for valuing polish property is start with figure you paid for it, double, times by ten, add cost of new 4X4 and holiday to destination of choice plus a year's wage and put on market to see if anyone bites
Grzegorz_ 51 | 6146  
25 Dec 2007 /  #3
You should hire someone, who will estimate the value but more or less It looks like USD 500-600K. There's also land, so add some more...
BubbaWoo 33 | 3504  
25 Dec 2007 /  #4
Main building has 3 floors:
ground floor - 2x 50sq.m Shop's facing the square
2nd floor - 2x 50sq. m apartments
3rd floor - 1 100sq.m apartment
Second building (1 storey addition behind main building)
3x 30sq. m apartments

have you thought about selling as seperate units - would probably make more money in the long run and be easier to sell them individually
OP on6mt  
25 Dec 2007 /  #5
If i had the original value we paid for it, it'd help with the estimates, but its been in the family since it was built in the 20's and rebuilt after 1945.

The thought of selling individual units has ocurred, but who would own the general structure/land ?
andy b 4 | 156  
27 Dec 2007 /  #6
It would be very easy to sell individual units, as each time you sell you would also sell the new owner the equivalent share (eg 50/390) of the common parts of the building and the land it all sits on.
most - | 27  
3 Jan 2008 /  #7
Rental income for the shops would probably be about 30 zloty per sqm per month.

I think you will struggle to shift it as one unit - the town is pretty grim and there are quite a few empty units in the middle of town already.

Also if you do find a developer for it then be prepared to demonstrate valid title to the building - this area of Poland is one where restitution claims for pre-war property are still an issue.

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